Uniswap and Curve Finance Volume Blast to $5 Billion As Outcome of Harvest Finance Hack

October 27, 2020 3:52 PM UTC

The daily trading volumes of decentralized exchanges, DEXs, Uniswap, and Curve Finance surged abruptly after the latest DeFi hack that drained $24 million from DeFi platform Harvest Finance.

In the past 24 hours, the collective volume of decentralized exchanges exploded more than 1700% to hit $5 billion. Daily trading volumes of Uniswap jumps to $2 billion, while Curve Finance volume smashes to $2.8 billion. Previously, Uniswap and Curve Finance recorded all-time high of $950 million and $524 million, respectively.

Apparently, Harvest Finance hacker employed “flash loans” service presented by the decentralized exchanges to remove millions worth of cryptos from yield farming protocol.

Harvest Finance Put Bounty on Hacker

The hacker was able to breach Harvest Finance and drained the funds. As the news of the attack hit the market, the price of FARM, the platform’s native token, dropped to $112 from $231, based on CoinMarketcap data.

While addressing the hacker, Harvest Finance published a tweet, “for the attacker: you’ve proven your point, if you can return the funds to the users, it would be greatly appreciated by the community, including many bystanders watching DeFi from afar.” 

Harvest Finance has taken several precautionary measures to protect assets from withdrawing, as it became aware of the hacker strike. Curve strategy funds, Bitcoin, and Stablecoin were withdrawn in order to protect the vault, based on a Twitter post. Moreover, the Defi platform notified that they were “moving to block deposits to the Stablecoin and BTC vault.” 

Harvest Finance further disclosed that there is ample evidence to recognize the attacker. The DeFi platform has announced a $100,000 bounty on the platform’s liquidity pool hacker. Harvest Finance said, “there is now a significant amount of personally identifiable information on the attacker, who is well-known in the crypto community.”

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